Project Finance Brief Brookfield Acquires 20 GW Solar and Energy Storage Portfolio

Blue Elephant Energy (BEE), a Hamburg-based independent operator of solar and wind projects, acquired six ready-to-build solar projects in the Netherlands with an overall capacity of 120 MW from Chint Solar. The acquired portfolio consists of six solar PV projects located in the northeast of the Netherlands. The projects are expected to be commissioned in the second half of 2022.

Matrix Renewables, the TPG Rise-backed renewable energy platform, announced a new long-term financing agreement signed with Banco Santander for its 50 MW Olivares project. The project’s construction is expected to create 175 new jobs in the Spanish province of Jaen. The project is scheduled to begin commercial operation in the third quarter of 2022, delivering clean power to households and businesses. The new deal is a part of Matrix Renewables’ 4.8 GW existing portfolio.

Indian renewable energy developer ReNew Power announced that it had sold its 117 MW of distributed rooftop solar portfolio to distributed solar company Fourth Partner Energy for ₹6.72 billion (~$89.9 million). The net proceeds from the sale are ₹5.35 billion (~$71.6 million) after accounting for an outstanding debt of ₹1.37 billion (~$18.3 million). The company expects to record a gain from the deal. The company said it sold the distributed rooftop solar portfolio to relocate capital into higher-return opportunities and focus on large utility-scale projects.

Brookfield Renewable, together with its institutional partners, has acquired renewable energy developer Urban Grid and its pipeline of projects comprising approximately 13 GW of utility-scale solar and 7 GW of energy storage capacity for $650 million. The addition of Urban Grid’s projects approximately triples Brookfield Renewable’s U.S. development pipeline to 31 GW of capacity.

Greenbacker Renewable Energy, an owner and operator of sustainable infrastructure and energy efficiency projects, announced that, through a wholly-owned subsidiary, it has purchased a 6.5 MW to-be-constructed solar project from Encore Renewable Energy. Once completed, 100% of the clean energy generated from the project will be allocated to Middlebury College. It was acquired at a preconstruction stage and is expected to reach commercial operation in the second half of 2022.

GP JOULE, TERRAVENT Investments, and Steinbock EE have sold a 90 MW Klettwitz Nord solar project, located in Schipkau, Germany, to clearvise, an independent renewable energy power producer. Construction works are underway, and commissioning is planned for the second quarter of 2022.

UK energy company SSE has acquired development rights for a 30 MW solar project from the developer Stark Energy. The project is located near Evesham in Worcestershire, England. Once complete in late 2023, the 77-acre site will be capable of powering some 9,400 homes.

London-based real assets investor Alpha Real Capital announced that it had acquired a $116.1 million solar portfolio company Innova Energy in the UK. With this acquisition, Alpha takes over 17 operating solar projects with a combined capacity of 61.5 MW. Extension and expansion rights were included in the purchase.

Ellomay Capital, a renewable energy and power generator and developer in Europe and Israel, announced that Talasol Solar achieved financial closing of the previously announced Facilities Agreement in the aggregate amount of €175 million (~$198.1 million) provided by European institutional lenders. Ellomay Capital has a 51% stake in Talasol Solar, which owns a solar PV project with an installed capacity of 300 MW in Talavan, Caceres, Spain.

Thai energy company Banpu has agreed to acquire the companies holding a 50 MW portfolio of two solar projects in Vietnam in a deal worth $26.7 million. The bundle includes the 15 MW Chu Ngoc solar project in Gia Lai province in the Central Highlands of Vietnam and the 35 MW Nhon Hai solar PV project in the southeastern Ninh Thuan province. Both projects receive feed-in tariffs (FiTs) of $0.0935/kWh and have in place 20-year power purchase agreements (PPAs) with utility Vietnam Electricity (EVN).

Global asset managers, EOS Investment Management (EOS IM), and Capital Dynamics acquire rights to build three new solar projects totaling 87 MW in Italy. Together, the three projects are under development to operate fully without any public subsidies and benefit from a long-term power-purchase agreement.

For reports and trackers on funding and M&A transactions in solar, energy storage, smart grid, and efficiency sectors, click here.

Read last week’s project finance brief.